ACCT 2013 - Principles of Accounting I

Description
Presents the fundamentals of accounting theory, introduction to accounting concepts, principles and terminology. Emphasis will be placed on financial accounting beginning with sole proprietorships and ending with corporations. Students should be prepared to use basic mathematics and basic algebra with accuracy and reasonable speed.

Pre-Requisite
Completion of ENGL 1013 or ENGL 1013H with a grade greater than or equal to C, has completed or is in process of completing CISQ 1103 with a grade greater than or equal to C, and has completed any math course greater than or equal to MATH 0103 (excluding MATH 1313) with a grade greater than or equal to C or appropriate math placement test scores.

3 Credit Hour(s)

Contact Hours
45 lecture/lab contact hours

3 Faculty Load Hour(s)

Semesters Offered
Fall, Spring, Summer

ACTS Equivalent
ACCT2003 (ACTS Business) - Principles of Accounting I

Grade Mode
A-F

Learning Outcomes
Students completing this course will:

Use basic accounting vocabulary.
Demonstrate understanding of the accounting equation by recording transactions and preparing financial reports.
Identify and apply basic accounting principles.
Describe the accounting cycle.
Analyze business transactions and record journal entries, including adjusting and closing entries, using the double entry accounting system.
Prepare and analyze corporate financial statements.
Use basic math, algebra, and reasoning skills to solve problems that demonstrate knowledge of accounting systems.
Demonstrate an understanding of how various accounting controls impact the business environment.

General Education Outcomes Supported
Students can achieve mathematical literacy.

Standard Practices
Topics list

Debits and Credits
Journalizing Transactions
Adjusting and Closing Entries
Financial Statements and Notes to the Financial Statements
Merchandising Businesses and Inventory
Bank Reconciliations
Internal Control
Fixed Assets and Depreciation
Payroll
Stocks
Bonds

Learning activities

Homework
Projects
Quizzes
Exams
This course requires additional work that may need to be completed out of class or in a virtual or on-campus lab.

Assessments

Exams that include vocabulary and problem solving
Accounting worksheets
Quizzes
Homework assignments

Grading guidelines

A = 90-100
B = 80-89
C = 70-79
D = 60-69
F = 59 or below